WHAT IS BEST WAY TO TAKE PROPERTY OUT OF A PARENT’S NAME?

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WHAT IS BEST WAY TO TAKE PROPERTY OUT OF A PARENT’S NAME?

BEFORE SOMETHING MIGHT HAPPEN TO THEM AND THEY NEED ASSISTANCE.

Asked on March 16, 2011 under Real Estate Law, Georgia

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

There are many ways that the law allows you to protect assets of an elderly parent.  You can create a living trust and place the assets of the estate in the name of the trust, you can transfer the property outright and leave a life estate for the parent, just to name a few.  But what needs to be looked at is the whole picture and that needs to be done by a competent estate planner in your area.  Please go and seek some guidance here on the matter.  By planning ahead you can avoid having to probate the estate and maybe even estate taxes which can eat up a good portion of your inheritance. Get some guidance here.  Good luck to you.


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